RBC Capital analyst Brian Abrahams raised the firm’s price target on PTC Therapeutics to $51 from $44 and keeps a Sector Perform rating on the shares. The company’s Q4 results offered some "notable updates", including additional data provided on the earnings call from the ‘923 phase 3 run-in which showed continued encouraging Phe reductions and may speak to a good likelihood of study success and more competitive role in the market, the analyst tells investors in a research note. The firm added that while the U.S. Translarna path remains uncertain, its price target increase reflects greater PTC923 optimism.
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